22 Jan 2014
EUR/USD slipping back to lows
FXstreet.com (Edinburgh) - The shared currency remains on the back footing on Wednesday, pushing the EUR/USD to the lower end of today’s range around 1.3540/35.
EUR/USD apathetic, waiting for PMIs
The pair continues to meander within the 1.3520/1.3580 weekly range amidst an empty docket in Euroland and with the sterling grabbing all the attention at the moment. Regarding tomorrow’s advanced PMI results, consensus points to better readings from both German and EMU data, which could ultimately support the EUR. Tim Riddell, Head of Global Markets Research at ANZ, commented, “Effectively EUR/USD needs to break an interim 1.3525-1.3750 range to determine whether the frustratingly overlapping uptrend can remain in play (above 1.3750) or whether the trend has completed and so defined 1.3895 as the top of a broad range off the 2012 crisis low of 1.2030”.
EUR/USD key levels
At the moment the pair is down 0.11% at 1.3546 and a break below 1.3508 (2014 low Jan.20) would expose 1.3490 (low Nov.25) and then 1.3463 (low Nov.22). On the upside, the next resistance is located at 1.3600 (psychological level) followed by 1.3604 (Tenkan Sen line).
EUR/USD apathetic, waiting for PMIs
The pair continues to meander within the 1.3520/1.3580 weekly range amidst an empty docket in Euroland and with the sterling grabbing all the attention at the moment. Regarding tomorrow’s advanced PMI results, consensus points to better readings from both German and EMU data, which could ultimately support the EUR. Tim Riddell, Head of Global Markets Research at ANZ, commented, “Effectively EUR/USD needs to break an interim 1.3525-1.3750 range to determine whether the frustratingly overlapping uptrend can remain in play (above 1.3750) or whether the trend has completed and so defined 1.3895 as the top of a broad range off the 2012 crisis low of 1.2030”.
EUR/USD key levels
At the moment the pair is down 0.11% at 1.3546 and a break below 1.3508 (2014 low Jan.20) would expose 1.3490 (low Nov.25) and then 1.3463 (low Nov.22). On the upside, the next resistance is located at 1.3600 (psychological level) followed by 1.3604 (Tenkan Sen line).